ICL-Israel Chemicals Ltd.
Latest ICL-Israel Chemicals Ltd. News and Updates

Potash Prices Showed Weakness for the Week Ending April 21
Last week, potash prices continued to show weakness week-over-week. Prices were broadly flat to positive for the week ending April 21.

How Sensitive Is PotashCorp’s Dividend to Potash Prices?
In the last 12 months, PotashCorp (POT) has earned about 36% of its total sales from its Potash segment.

How Did Fertilizer Stocks Perform in the Week Ended September 23?
Last week was mostly negative for agricultural fertilizer (FXZ) stocks. However, the VanEck Vectors Agribusiness ETF (MOO) ended the week in positive territory.

How Did Agrium’s Retail Shipments Perform in 2Q16?
Agrium’s (AGU) Retail segment’s shipments declined by 0.03% to 4.84 million tons in 2Q16, down from 4.86 million tons in 2Q15.

PotashCorp Meets Sales Estimates in 3Q16
PotashCorp’s 3Q16 sales PotashCorp’s (POT) business comprises the three major fertilizers—nitrogen, phosphate, and potassium (XLB). In 3Q16, the company earned about 38% [1. calculated as segment sales excluding freight, transportation and distribution costs divided by total sales excluding freight, transportation, and distribution costs] of its total sales from its Potash segment, 32% from its Nitrogen segment, and 30% from […]

MAP Fertilizer Prices Hit a New High in Brazil
Last week, MAP (monoammonium phosphate) prices in Brazil continued their uptrend, while prices in NOLA (New Orleans) moved sideways.

What Are Analysts’ Recommendations for Mosaic?
Out of the 21 analysts surveyed by Bloomberg, 36% had a “buy” rating, 50% had a “hold” rating, and only 14% had a “sell” rating on Mosaic.

MAP Prices in Brazil Continued to Rise Last Week
In the week ending January 20, average MAP prices in Brazil rose 2.1% to $343 per metric ton from $336 per metric ton the previous week.

DAP Prices See a Mixed Week for the Week Ending August 19
Average DAP prices in China were flat at 2,669 Chinese yuan per metric ton last week. DAP prices in Morocco remained unchanged at $340 per metric ton.

A Look at DAP Prices and Their Continuing Climb
The average DAP price at US Gulf NOLA for the week ended March 25 rose to $340 per metric ton ($308 per short ton) compared to $302 per metric ton ($333 per short ton) the previous week.

A Near-Term Outlook for Phosphate Fertilizers’ Capacity Additions
For phosphorous fertilizers, 2018 will be the year in which the biggest capacity additions will occur, according to PotashCorp (POT).

PotashCorp: Effects of Falling Potash Prices
PotashCorp’s average potash selling price fell ~34.0% to $157 per ton in 4Q16, from $238 per ton in 4Q15. Potash prices in North America fell ~35.0%.

Suffering Potash? Where It’s Headed in 2017
For 2017, Mosaic (MOS) forecasts that global potash demand to be in the range of 61 million–63 million metric tons. This level would be higher than in 2016.

What Are Analysts’ Recommendations for PotashCorp?
According to 21 analysts surveyed by Reuters, the median price target for PotashCorp over the next 12 months stood at $17, which is about 6.5% below the current market price.

MAP Prices Inch Higher for the Week Ended February 23
Last week, MAP prices in both the locations rose on a weekly basis.

How Producers’ Potash Segments Trended in 4Q17
Due to the increase in potash prices this year, the overall potash segment margins for five companies discussed below expanded as much as 9% to 29% from 20% on average.

Analysts’ Ratings, Price Target for CF Industries before 1Q16 Earnings
Out of 16 analysts surveyed by Bloomberg, about 50% have “buy” ratings for CF Industries (CF). About 44% have “hold” recommendations, and one has a “sell” rating for the company.

Agrium’s Retail Crop Nutrient Shipments Rise in 3Q16
In 3Q16, Agrium’s Retail segment contributed 84% of total gross profit, with crop protection and crop nutrients making up the majority of segment sales.

Fertilizer Prices and Input Cost Movements as of April 15
Fertilizer prices constitute the biggest factor impacting the performance of fertilizer companies. In this series, we’ll see how NPK prices and the prices of raw materials changed in the week ended April 8, 2016.

Fertilizer Stocks and Commodity Prices in the Week Ended March 10
The week ended March 10, 2017, was broadly negative for agricultural fertilizer stocks. Israel Chemicals (ICL) emerged as the top performer, falling ~3.7% to $4.43 per share.

CF Industries: A Good Fit for Top 10 Agricultural Chemicals List?
Over the past ten-year period, CF Industries has risen 186.0% and significantly outperformed the S&P 500 Index’s rise of 69.2% over the same period.

Fertilizers Were More Affordable in Week Ended November 25
For the week ending November 25, fertilizer affordability fell to 0.65x from 0.66x week-over-week.

Potash on the Barrel: Prices for Five Major Producers
On average, potash prices for these five producers fell ~33% YoY in 4Q16. Excess supply and weak demand added downward pressure.

Analyzing the MAP Prices in Brazil Last Week
The MAP (monoammonium phosphate) prices in Brazil saw positive momentum last week. Brazil is still a favorable market for fertilizer producers.

Fertilizers Were Less Affordable Last Week
Last week, fertilizer affordability rose to 0.66x from 0.65x week-over-week. A ratio below one means that fertilizers are more affordable than during the base year.

PotashCorp: Analyst Recommendations, Price Target for February
PotashCorp reported diluted EPS (earnings per share) of $0.07 for 4Q16, which missed analysts’ estimate of $0.09 per share.

Why the Fertilizer Affordability Index Was Lower Last Week
The Fertilizer Affordability Index has shown a downward trend since the beginning of the year. Fertilizers have become more affordable in 2017.

No Hope for MAP Prices in Brazil: Week Ending August 18
Last week, MAP (monoammonium phosphate) prices continued to fall and brought more pain for phosphate producers (NANR).

Why Were Fertilizers More Affordable Last Week?
In the week ending March 17, 2017, the Fertilizer Affordability Index fell to 0.61x from 0.63x the previous week—better than last year.

How’s the Fertilizer Market in China?
Recently, China has been moving towards a zero growth policy. The country aims to reach zero growth in using agricultural chemicals by 2020.

More Tariffs on China, Fertilizer Stocks Are in the Red
China is one of the largest fertilizer consumers in the world. Investors are concerned that retaliatory measures might hurt fertilizer companies.

How Did the Fertilizer Affordability Index Perform Last Week?
In the week ending April 7, 2017, fertilizer affordability didn’t change. Notably, the Fertilizer Affordability Index remained flat at 0.60x week-over-week.

Fertilizer Affordability Fell for the Week Ending April 28
For the week ending April 28, the Fertilizer Affordability Index fell slightly to 0.58x—compared to 0.59x the previous week.

Fertilizers Were Affordable for the Week Ending March 24
In the week ending March 24, the Fertilizer Affordability Index rose slightly to 0.62x from 0.61x the previous week. Last year, the index stood at 0.66x.

Analysts Mull Israel Chemicals’s Performance over the Next 12 Months
Out of the 14 Wall Street analysts covering Israel Chemicals (ICL), only one has a “buy” recommendation on the company, 12 have a “hold” recommendation, and only one analyst has a “sell” recommendation.

Key Players’ Phosphate Segment Margins in 1Q17
Mosaic (MOS) continued to enjoy higher margins at 7%—compared to Agrium’s (AGU) margins at 5%. Mosaic’s margins were flat year-over-year.

Fertilizer Affordability Index for the Week Ending March 31
In the week ending March 31, 2017, the Fertilizer Affordability Index fell slightly to 0.60x from 0.62x the previous week.

Fertilizer Prices Update: Week Ended December 8
CVR Partners (UAN) emerged as the top gainer last week, rising 17.4% week-over-week to close at $3.70. CF Industries (CF) followed, rising 4.4% to close at $39.30.

Why Phosphate Matters: Margins Among the Biggest Producers
The median gross margin for these companies’ phosphate segments was 14%, as a percentage of segment sales in 4Q15.

Are Rising Prices Affecting Fertilizer Affordability?
Recently, the Fertilizer Affordability Index has seen an upward trend.

A MAP Price Update for the Week Ended October 27
MAP (monoammonium phosphate) prices hit a low of $343 per metric ton in August but have been on an upward momentum since then.

Why Did Phosphate Prices Trend Lower Last Week?
DAP prices at the Central Florida location fell as much as 1.5% week-over-week to $299 per metric ton from $304 per metric ton.

What Analysts Recommend for These Four Fertilizer Stocks
Nutrien (NTR) has a consensus recommendation of “buy.”

Why Wheat Prices Are Trading at a 5-Year Low
In its January report, the USDA (United States Department of Agriculture) reported that the world’s ending stock for wheat rose to 253 million metric tons from 252 million metric tons in December.

Brazil’s Fertilizer Imports during Political Turmoil
Despite the political instability, fertilizer imports into Brazil saw an overall increase year-over-year in 2016.
The Invesco European Growth Fund’s Top Sectors Fired in 2015
The Invesco European Growth Fund – Class A (AEDAX) fell 1.1% in December 2015 from the previous month.

DAP Prices Didn’t Move for the Week Ending June 9
Last week, the weekly price movement was broadly flat to negative. DAP prices at the US NOLA fell by as much as 96 basis points week-over-week.

A Price Update on MAP Fertilizers in Brazil
Last week, the MAP prices in Brazil rose as much as 5.6% week-over-week to $394 per metric ton from $373 per metric ton a week ago.

Who Are the Biggest Players in the Fertilizer Industry?
There’s a handful of big players in the agricultural fertilizer industry. Setting up business requires huge capital, which makes for a high barrier to entry.

Which Analysts Are Bullish on Nutrien in January 2018?
At the end of 2017, after receiving final regulatory approval for the merger, PotashCorp and Agrium combined into a new company called Nutrien (NTR).

How Wheat Prices Moved in June 2017
Wheat prices traded at an average of $4.4 per bushel in 2016, lower than their average of $5.1 per bushel in 2015.

Mosaic’s 3Q16 Gross Margin Is Expectated to Contract
In 2Q16, the Phosphate segment contributed close to 66% toward Mosaic’s gross margin, while the Potash segment contributed 33%.

Fertilizer Affordability for Week Ended August 25
Fertilizers have displayed a high level of affordability this year, which has supported the strong demand for fertilizers.

Fertilizer Affordability Didn’t Change Last Week
Last week, the Fertilizer Affordability Index remained unchanged at 0.65x week-over-week. Fertilizers are more affordable than during the base year.

CVR Partners Is Expected to See Losses
CVR Partners is expected to report a loss per share of $0.06 in the second quarter compared to a loss per share of $0.03 in the corresponding quarter a year ago.

How Did Mosaic’s Shipments Trend in 2Q17?
In 2Q17, Mosaic (MOS) delivered positive shipment growth in each of its segments.

What to Expect from Fertilizer Companies’ Earnings in 2Q17
In recent quarters, fertilizer companies have experienced earnings growth deceleration due to unsupportive prices pressured by excess production capacity.

Fertilizer Stocks’ Peformance: Week Ending January 27
The week ending January 27 was broadly positive for agricultural fertilizer stocks. The VanEck Vectors Agribusiness ETF (MOO) rose by 64 basis points.

Intrepid Potash’s Sales Are Expected to Keep Falling
Analysts expect Intrepid Potash’s sales to be $35.6 million in 1Q17. For fiscal 2017, analysts expect the company’s sales to be $148.5 million.

How Agrium’s 4Q15 Earnings Beat Analysts’ Estimates by 10%
Agrium, one of the major agricultural fertilizer retailers, reported 4Q15 earnings per share of $1.52. This beat analysts’ estimates of $1.38, resulting in a 10% positive surprise.

Where Global Potash Shipments Will Come from in 2017
China and India should show rises in potash demand compared to 2016, as both these countries delayed their contract settlements during the year.

What Agrium Has to Say about the Market in 2016
Agrium’s management expects 12.5 million–13.5 million tons of exports from China in 2016. We believe this should support Agrium’s nitrogen margins.

A Review of Fertilizer Prices Last Week
In this series, we’ll look at key NPK (nitrogen, phosphorous, and potassium) fertilizer prices last week.

Earnings Preview: What to Expect from CF Industries’ 1Q16 Earnings
CF Industries (CF) is expected to announce its 1Q16 earnings on May 4, 2016. CF Industries has lost 17% of its value since January 2016, with the stock trading at $33.70 as of April 27, 2016.

Are MAP Prices Beginning to Lift?
MAP (monoammonium phosphate) is the second most used phosphate fertilizer after DAP (diammonium phosphate).

Fertilizer Affordability Improved for the Week Ending April 21
The Fertilizer Affordability Index remained lower for the week ending April 21. Fertilizers were more affordable than the base year.

Analyzing Potash Prices in the Week Ending January 12
In Brazil, potash prices were flat at $281 per metric ton in the week ending January 12.

Fertilizer Affordability Improved Due to Higher Crop Prices
Last week, the Fertilizer Affordability Index, which is issued by Mosaic, declined to 0.83x from 0.85x a week ago.

Potash Prices Were Flat to Positive Last Week
In the Cornbelt region of the US, the potash prices rose by 31 basis points to $289 per metric ton from $288 per metric ton.

CF Industries Reported Strong Third-Quarter Earnings
On October 31, CF Industries (CF) reported its third-quarter earnings. The company reported revenue growth of 19.5% YoY to $1.04 billion.

Fertilizer Stocks and Prices for the Week Ending October 19
Last week, Intrepid Potash rose 5.9% to $3.6. Nutrien (NTR) gained 3.3% to $55.8, while Israel Chemicals (ICL) gained 1.6% to $6.2 per share.

Potash Prices Recorded Strong Gains Last Week
Potash prices in Brazil rose the most last week with a rise of 2.3% to $357 per metric ton from $349 per metric ton.

Fertilizer Stocks and Prices in the Week Ending September 21
The week ending September 21 was broadly positive for the fertilizer sector. MOO rose 2.3% from the week ending September 14.

US Potash Prices Were Flat Last Week
Last week, potash prices didn’t show movement in NOLA (New Orleans) or the Cornbelt region of the US.

Are DAP Prices Outside the US Reversing?
DAP (diammonium phosphate) prices have been rising lately.

Fertilizer Stocks and Commodity Prices for Week Ended August 31
Last week, the overall fertilizer sector was broadly positive with six of the six stocks ending in flat to positive territory.

ICL, MOS, CF, NTR: A Look at Valuation Multiples
The median forward EV-to-EBITDA multiple of the four fertilizer companies stood at 9.7x as of August 27.

How Forward PE Multiples of These Four Fertilizer Stocks Stack Up
Mosaic (MOS) was trading at a forward PE of 15.8x, a discount compared to the peer average of 17.5x.

Why EBITDA Margins Matter to Fertilizer Stocks
Mosaic (MOS) is expected to see its gross margins expand to 21% in fiscal 2019 from 13% in fiscal 2018.

Fertilizer Continued to Rise in Week Ended August 24
Last week was broadly positive for the fertilizer sector, with the VanEck Vectors Agribusiness ETF (MOO) ending 1.3% higher.

Analyzing the Global Cost Curve of Nitrogen
It’s important for CF Industries (CF) investors to understand what’s behind increasing fertilizer prices.

How Fertilizer Affordability Changed in Week Ended August 10
Fertilizer affordability last week, which ended on August 10, was largely unchanged, as reported by Mosaic (MOS).

MAP Prices Mirror DAP Price Movements Last Week
For the week ended August 10, MAP (monoammonium phosphate) prices remained firm, mirroring DAP (diammonium phosphate) price movements.

Fertilizer Prices Take a Pause: Weekly Update
The fertilizer sector remained under pressure between August 3 and August 13, with the benchmark VanEck Vectors Agribusiness ETF (MOO) declining 2.4%

DAP Prices Continue Their Significant Rise
Last week, DAP prices in Tampa rose the most, rising 1.7% week-over-week to $427 per metric ton, from $420 per metric ton.

How CVR Partners’ Sales Expectations Stack Up with Peers
Wall Street analysts estimate sales growth of $102 million in the second quarter, which would be a 4% year-over-year increase from $98 million in the second quarter of 2017.

Potash Prices Stay High
In recent weeks, potash prices have been rising and hitting YTD (year-to-date) highs.

Monoammonium Phosphate Prices Reverse in New Orleans
Like DAP (diammonium phosphate) prices, MAP (monoammonium phosphate) prices were mixed last week.

Potash Prices Rose in Week Ended June 29
Last week, potash prices in the NOLA (New Orleans) region of the United States rose 1.6% week-over-week to $235 per metric ton.

How Potash Prices Fared Last Week
Last week, potash prices were also broadly positive and managed to make new highs so far year-to-date.

How CF Industries’ Forecasts Compare to Valuations
CF Industries’ valuation multiples have risen across the board since February 2016 and have broadly moved sideways since then.

Fertilizer Affordability Dips but Remains Historically High
Last week, fertilizer affordability fell from the previous week on the back of a steeper increase in fertilizer prices week-over-week.

A Peek at Potash Prices Last Week
Last week, potash prices were broadly flat to positive, similar to phosphate fertilizer prices.

Monoammonium Phosphate Prices and Mosaic’s Views on Brazil
Like DAP (diammonium phosphate) prices last week, MAP (monoammonium phosphate) prices were broadly flat to positive WoW (week-over-week) but stayed higher YoY (year-over-year).

Why Mosaic’s Sales Could Climb in 1Q18
For 1Q18, Mosaic is estimated to post $1.8 billion in sales, which would represent a 12% increase from $1.6 in 1Q17.

How Did Potash Prices Perform Last Week?
While nitrogen and phosphate prices at some locations experienced a weekly increase, potash prices were broadly flat to negative week-over-week.

How Fertilizer Prices Moved in the Week Ending April 27
As of May 1, Israel Chemicals and Mosaic were the only two fertilizer stocks to have positive YTD (year-to-date) returns.

How DAP Prices Performed for the Week Ended April 20
Last week, prices for DAP (diammonium phosphate) fertilizer were broadly flat to positive except for Morocco.

Fertilizer Price Movements for the Week Ended April 20
Last week, most fertilizer stocks ended in positive territory. Intrepid Potash (IPI) was the biggest gainer, rising 4.3% to $4.20.

Fertilizer Affordability Index Drifted Lower Last Week
In the week that ended on April 13, 2018, the Fertilizer Affordability Index drifted lower, continuing its two-week streak.